In this study an attempt is made to put into perspective the problem of a rotating disk, be it a single disk or a number of concentric disks forming a unit. An analytical model capable of performing an elastic stress analysis for single/multiple, annular/solid, anisotropic/isotropic disk systems, subjected to both pressure surface tractions, body forces (in the form of temperature-changes and rotation fields) and interfacial misfits is derived and discussed. Results of an extensive parametric study are presented to clearly define the key design variables and their associated influence. In general the important parameters were identified as misfit, mean radius, thickness, material property and/or load gradation, and speed; all of which must be simultaneously optimized to achieve the "best" and most reliable design. Also, the important issue of defining proper performance/merit indices (based on the specific stored energy), in the presence of multiaxiality and material anisotropy is addressed. These merit indices are then utilized to discuss the difference between flywheels made from PMC and TMC materials with either an annular or solid geometry. Finally two major aspects of failure analysis, that is the static and cyclic limit (burst) speeds are addressed. In the case of static limit loads, upper, lower, and out-of-plane bounds for disks with constant thickness are presented for both the case of internal pressure loading (as one would see in a hydroburst test) and pure rotation (as in the case of a free spinning disk). The results (interaction diagrams) are displayed graphically in designer friendly format. For the case of fatigue, a representative fatigue/life master curve is illustrated in which the normalized limit speed versus number of applied cycles is given for a cladded TMC disk application.